Railcorp Annual Report 2018-19 Volume 1

RailCorp Annual Report

18 19 Volume 1 ii RailCorp Annual Report 2018–19 transport.nsw.gov.au Transport for NSW website can beaccessed onthe RailCorp. This AnnualReport produced whollyby This AnnualReport was 7 days aweek) or call Visit Sydney NSW 2000 477 PittStreet RailCorp to RailCorp asthesource. acknowledgement isgiven purposes only, provided for non-commercial contained inthisreport distribute theinformation copy, reproduce and Users are welcome to property ofRailCorp. illustrations) are the images, icons and photography, background all images(including Unless otherwisestated, © 2019 RailCorp ISBN: 978-1-64713-482-2 transportnsw.info 131 500

(24 hours,

Letter to Minister

The Hon. Andrew Constance MP Minister for Transport and Roads Parliament House Macquarie Street Sydney NSW 2000

Dear Minister,

It is my pleasure to provide the Rail Corporation New South Wales (RailCorp) Annual Report for the financial year 1 July 2018 to 30 June 2019, for your information and presentation to Parliament. This report has been prepared in accordance with the Annual Report (Statutory Bodies) Act 1984, the Annual Reports (Statutory Bodies) Regulation 2015 and the Public Finance and Audit Act 1983.

Yours sincerely

Howard Collins OBE Acting Chief Executive RailCorp

28 October 2019

Letter of submission • iii Foreword 2

From the Chief Executive 4

Overview 6

About RailCorp 8 Annual Report 18–19 Annual Report

Financial performance summary 8

Appendices 12

Contents Appendix 1: Changes in Acts and subordinate legislation from 1 July 2018 to 30 June 2019 14

Appendix 2: Obligations under the GIPA Act 15

Appendix 3: Privacy and Personal Information Protection Act 1998 15

Appendix 4: Public Interest Disclosures Act 1994 15

Appendix 5: Cyber Security annual attestation statement for 2018–19 16

Appendix 6: Internal audit and risk management disclosure 17

Appendix 7: Insurance management 22 iv Appendix 8: Major works in progress 22

Appendix 9: Land disposals 22

Appendix 10: Payment of accounts 23

Appendix 11: Investment management performance 24

Appendix 12: Liability management performance 24

Appendix 13: Payments to consultants 24

Appendix 14: External Annual Report production costs 24 RailCorp Contents • 1 2 RailCorp Annual Report 18–19

Foreword Foreword • 3 4 RailCorp Annual Report 18–19 28 RailCorp Acting Chief Executive Howard Collins OBE to themetropolitan rail network by third partyrail operators. Sydney Trains andNSW Trains for theiroperations. RailCorp provides access country locations intheState ofNSW anditmakes theseassets available to stock andrail infrastructure intheSydney metropolitan area andlimited RailCorp isaNSW Government agency that holdsrail property assets, rolling operations on1July2013. to Sydney Trains andNSW Trains whentheseorganisations commenced Rail Corporation New SouthWales’ (RailCorp) operating functionsmoved From theChiefExecutive

October 2019

Foreword • 5 6 Railcorp Annual Report 18–19

Overview Overview • 7 8 RailCorp Annual Report 18–19 for the RailCorp executive roles. Remuneration isprovided by Sydney Trains Finance andBusiness Services, Group Rail. is Peter Crimp, Acting Executive Director Executive. The Acting ChiefFinancialOfficer is Howard Collins, Sydney Trains Chief The Acting Chief Executive ofRailCorp Executive • • • • • RailCorp objectives contract withtheAirportLinkCompany. RailCorp alsomanagestheNSW Government’s NSW Trains for theiroperations. these assets available to Sydney Trains and South Wales country locations. RailCorp makes Sydney metropolitan area andlimited New stations, trains andtracks mostly withinthe over $30billionofrailway property, including RailCorp isthelegalowner ofaportfolio of the a NSW Government agency established under Rail Corporation New SouthWales (RailCorp) is About RailCorp the Environment Administration Act 1991 development contained inthe the principlesofecologically sustainable To conduct itsoperations incompliance with decentralisation, inwhichitoperates. towards regional development and communities, includingaresponsibility by having regard to theinterests ofthe To exhibit asenseofsocialresponsibility in thecorporation. business, maximisingthestate’s investment at least asefficiently as any comparable To beasuccessful business andoperate passenger andfreight services. by RailCorp enablessafe andreliable To ensure theinfrastructure network owned responsible manner. To operate inasafe, reliable and Transport Administration Act 1988 Protection of . . progress over thenext few years. The transition from RailCorp to TAHE will allow operators to focus onservice delivery. best managedto deliver ongoingbenefitsand will ensure therapidly growing asset baseis of transport assets, particularlyproperty. This and commercial approach to themanagement the transport cluster amore effective, efficient transport asset ownership to TAHE to provide Work hascontinued ontheconsolidation of Holding Entity(TAHE) buildsonthesereforms. The establishment oftheTransport Asset Trains in2013, andRailCorp istheasset owner. were transferred to Sydney Trains andNSW RailCorp’s operation andmaintenance functions transport services. undertaken reforms to thedelivery ofpublic and theDepartmentofPremier andCabinethas (TfNSW) incollaboration withNSW Treasury Since November 2011 Transport for NSW Transport reforms –milestones contribution of$1,904.6millionandcapital construction in2018–19 comprised ofanequity NSW Government contributions to fundcapital (2017–18: Other gains$31.8million). recognising otherlosses of$165.6million million deficit(2017–18: 1,124.2 million)after continuing operations for theyear was $1,347.6 (2017–18: $1,156.0 million).The netresult from after government supportwas $1,182.1 million the year. The resulting deficitfrom operations to funddefinedbenefitssuperannuation in $10.6 million)was provided by government its day-to-day operations, $10.6 million(2017–18: not require direct government contributions for (2017–18: $1,258.8million).While RailCorp did government support, was $1,266.7 million The resulting deficitfrom operations, before operating environment. component ofexpense, reflective ofthecurrent million (2017–18: $1,151.8 million)was thelargest Depreciation andamortisation of$1,185.7 depreciation andfinancing costs. $1,472.3 million)were incurred inoperations, total expenses of$1,489.3 million(2017–18: million (2017–18: $213.5million)inincome, while For theyear 2018–19, RailCorp received $222.6 summary Financial performance grants of $73.9 million. This compared to the The total comprehensive income for the year 2017–18 equity contribution of $1,206.7 million was therefore a deficit of $1,542.5 million and capital grants of $92.2 million. (2017–18: surplus $203.9 million).

The other comprehensive income for the year, including revaluation of property, plant and equipment, totalled a deficit of $194.8 million (2017–18: surplus $1,328.1 million).

Performance against budget

RailCorp’s net operating result was $10.3 million favourable to budget for the year.

2018–19 Total income

Access & service fees $167.2m 75% Property rental $36.5m 16% 9% Other income $18.9m 9% Total income $222.6m 16%

75%

2018–19 Total expenses

Depreciation & amortisation $1,185.7m 80% 5% Derecognition & disposal of 4% $94.4m 6% assets 5% Finance costs $70.2m 5% 6% Contribution paid to Sydney $61.1m 4% Trains Other operating expenses $77.9m 5%

Total expenses $1,489.3m

80%

Overview • 9 10 RailCorp Annual Report 18–19 million inworks, includingcapitalisedmaintenance. million from TfNSW and$205.1 millionfrom Sydney Metro. Sydney Trains delivered afurther$367.6 Major capitalprojects delivered by otherentitiesfor RailCorp totalled $1,733.5 million:$1,528.4 million increase compared to 2017–18. maintenance was capitalisedfor atotal capitalexpenditure of$2,101.1 millionwhichwas a$441.6 Capital expenditure was $1,811.2millionin2018–19. Afurther$289.9 millionofmajorperiodic Capital investment $2,000m Capital expenditure $2,500m $1,000m $1,500m $500m Total RailCorp CapitalInvestment Capital Maintenance Capital Expenditure Rail MinorWorks Transport Access Program Sydney Metro NorthWest Regional RailFleetProgram Power SupplyUpgrade New Intercity Fleet More Trains, More Services Central Walk Automatic Train Protection 2018–19 Capitalinvestment by program Capitalised maint Capital in $2, $213m 2013-14 v 10 es 1m tment enanc $2, $265m 2014-15 e 080m $1,845m $329m 2015-16 $1,48 $22 2016-17 4m 9m $1,46 $19 2017-18 7m 3m $1,811m $290m $ million 2018-19 1,811.2 2,101.1 403.5 645.3 289.9 186.8 139.9 135.6 165.2 69.5 32.6 32.8 Overview • 11 12 Railcorp Annual Report 18–19

Appendices Appendices • 13 14 RailCorp Annual Report 18–19 legislation from 1 July2018 to 30June2019 Appendix 1:ChangesinActs andsubordinate 1 July2020) Industrial ChemicalsAct 2019 Road Vehicles Standards Act 2018 Commonwealth Modern Slavery Act 2018 commence on21October 2019) Building andConstruction Industry Securityof Payment AmendmentAct 2018 Government Sector Finance Act 2018 • • • andElectricity(ConsumerGas Safety) Act 2017 Rail Safety (Adoption ofNational Law) Regulation 2018 Crown Land ManagementAct 2016 New SouthWales (commenced on1October 2018) Heavy Vehicle (Adoption ofNational Law) Amendment(Penalties) Regulation 2018 (NSW) on 1October 2018) Heavy Vehicle (Adoption ofNational Law) AmendmentRegulation 2018 (NSW) (commenced Heavy Vehicle National Law Act 2013 (NSW): (NSW) (assented to on27 June2018, notyet commenced) (Cth) (assented to on12March 2019, dueto commence on (Cth) (part-commenced on11December 2018) (NSW) (commenced infullon1July2018) (NSW) (commenced on1July2019) (NSW) (commenced on1September 2018)

(NSW) (commenced on27 July2018) (NSW) (to Appendix 3: Privacy and Personal Information Protection Act 1998

Appendix 4: Public Interest Disclosures Act 1994

Appendix 2: Obligations under the GIPA Act 2009

Review of proactive release program – Clause 7(a)

RailCorp’s functions have changed, with Sydney Trains and NSW Trains commencing operation from 1 July 2013.

RailCorp is a NSW Government agency that holds rail property assets and rail infrastructure in the Greater Sydney metropolitan area and limited country locations in the state of NSW and it makes these assets available to Sydney Trains and NSW Trains for their operations.

Under section 7 of the Government Information (Public Access) Act 2009 (GIPA Act), agencies must review their programs for the release of government information to identify the kinds of information that can be made publicly available. This review must be undertaken at least once every 12 months.

The information that RailCorp makes available on the Transport for NSW website, transport.nsw.gov.au/about-us/who-we-are/railcorp includes the following details: • access to RailCorp information • access to the rail network • commercial sales.

During 2018–19, applications for access to information held by RailCorp were managed by Sydney Trains. Statistical information about access applications – Clause 7(d) and Schedule 2 – is aggregated with Sydney Trains’ statistics in the Sydney Trains Annual Report 2018–19.

Appendix 3: Privacy and Personal Information Protection Act 1998

Privacy Management Plan

Clause 8 of the Annual Reports (Statutory Bodies) Regulation 2015 requires NSW Government agencies to provide a statement of the action taken by the body in complying with the requirements of the Privacy and Personal Information Protection Act 1998 (PPIP Act) and provide statistical details of any review carried out under Part 5 of the PPIP Act.

RailCorp does not collect personal or health information about customers or employees.

Privacy reviews

During 2018–19, RailCorp did not receive any applications for reviews of conduct relating to the use, access or release of personal information.

Appendix 4: Public Interest Disclosures Act 1994

RailCorp did not receive any Public Interest Disclosures (PID) during 2018–19.

Appendices • 15 16 RailCorp Annual Report 18–19 29 August 2019 RailCorp Acting ChiefExecutive Howard Collins OBE work asappropriate. Cyber SecurityPolicy andfound to beadequate orfindingsbeingaddressed through theprogram of undertaken, inadditionto reporting against theMandatory Requirements oftheNSW Government A mixofreviews andauditsoftheAgency’s Information SecurityManagementSystem were reporting period. There exists acurrent cyber incidentresponse planfor RailCorp, whichhasbeentested duringthe Governance isinplace to managethecyber-security maturity andinitiatives ofRailCorp. and current risksandimplementappropriate controls. has anongoingprogram ofwork to identifyandassess thechangingsecuritythreats, managenew In linewiththeNSW Government Cyber SecurityPolicy, RailCorp hasidentifieditscriticalassets and consistent withthemandatory requirements setoutintheNSW Government Cyber SecurityPolicy. I, Howard Collins, amoftheopinionthat RailCorp isapproaching cyber securityinamanner attestation statement for 2018–19 Appendix 5:Cyber Securityannual

Appendix 6: Internal audit and risk management disclosure

Director Financial Management, Governance & Analytics NSW Treasury Level 27, 52 Martin Place (127 Phillip Street entrance) Sydney NSW 2000

TPP15-03 Internal Audit and Risk Management Policy for the NSW Public Sector – RailCorp Attestation Statement

Dear Director,

In accordance with the requirements of TPP15-03, please find attached RailCorp’s Internal Audit and Risk Management Attestation Statement, which attests that the core requirements were in place for the 2018–2019 Financial Year.

Regards,

Howard Collins OBE Acting Chief Executive RailCorp

26 September 2019

Appendices • 17 18 RailCorp Annual Report 18–19 meet thecore requirement: and RailCorp has implemented orisimplementingthefollowing practicable alternative measures to The circumstances givingriseto thesedepartures have beendetermined by thePortfolio Minister SectorPublic the following core requirements setout in the I, Howard Collins advisethat theinternal auditandriskmanagement processes for RailCorp departfrom Departures from Core Requirements • • • • • The chairandmembersoftheRailCorp Audit andRiskCommittee for theFY2018–19 are: Membership Risk ManagementPolicy for theNSW Sector Public in operation that are compliant withtheeight(8)core requirements setoutinthe I, Howard Collins, amoftheopinionthat RailCorp hasinternal auditandriskmanagementprocesses Financial Year for RailCorp Internal Audit andRiskManagementAttestation Statement for the2018–2019 content ofthe‘modelcharter’ 3.3 The Audit andRiskCommittee hasa Charter that isconsistent withthe obligations risk managementandcontrol frameworks, anditsexternal accountability assistance to theagency headontheagency’s governance processes, 3.2 The Audit andRiskCommittee isanadvisory committee providing has beenestablished 3.1 AnindependentAudit andRiskCommittee withappropriate expertise Audit andRiskCommittee content ofthe‘modelcharter’ 2.3 The agency has anInternal Audit Charter that isconsistent withthe International Standards for theProfessional Practice ofInternal Auditing 2.2 The operation oftheinternal auditfunctionisconsistent withthe 2.1 Aninternal auditfunctionhasbeenestablished andmaintained Internal auditfunction NZS ISO31000:2009 been established andmaintainedtheframework isconsistent withAS/ 1.2 Ariskmanagementframework that isappropriate to theagency has management intheagency 1.1 The agency headisultimately responsible andaccountable for risk Risk managementframework Core requirements Independent Member2,B.Blood,1July2010 –30June2020 Independent Member1,G.Fletcher, 1July2014 –30June2020 Independent Member1,E.Crouch, 1July2010 –30June2014 Independent Chair, G.Fletcher, 1July2010 –30June2014 Independent Chair, E.Crouch, 1July2014 –30June2020 : Internal Audit andRiskManagementPolicy for theNSW , specifically: Internal Audit and non-compliant, or intransition Non-compliant Compliant, Compliant Compliant Compliant Compliant Compliant Compliant Compliant

Reason for departure and description of practicable alternative Departure measures implemented/being implemented

Non-Compliance

Core Requirement: Reason for non-compliance with the core requirement 3.1 An independent Audit and Risk RailCorp would have complied with the 8 year maximum appointment terms Committee with for the Chair/Members had Transport Asset Holding Entity (TAHE) been appropriate expertise established in the initial expected timeframe (30 June 2018). It is envisaged has been established that RailCorp’s assets will be transitioned to TAHE once it is established and at this time, RailCorp and its Audit & Risk Committee (ARC) will be dissolved. Given the implementation of TAHE has now been extended to 1 July 2020, RailCorp and its ARC will be required to operate in order to comply with the Policy.

The extension will also impact the tenure of the current Chair who will exceed the maximum tenure of 5 years under the Policy, by up to one year to 30 June 2020.

How the alternative arrangements will achieve equivalent outcomes

The proposed members are valid members of the prequalified Scheme: Audit and Risk Committees Independent Chairs and Members operated by the Department of Finance, Services and Innovation and each of these extensions will undergo the standard re-appointment process whereby each member is engaged under the conditions in the Scheme Conditions dated January 2013 issued by the NSW Treasury and the NSW Department of Finance and Services.

In addition, the members are provided a copy of Code of Conduct: Audit and Risk Committee Chairs and Members and confirm their compliance with other legislation, regulations or guidelines applicable to internal audit and risk management in the NSW public sector, as they apply to Audit and Risk committees and in particular, responsibilities outlined in the Policy and in the RailCorp Audit and Risk Committee Charter.

These members remain suitably qualified to carry out their obligations as independent members under the Policy and for the purposes of ensuring RailCorp’s ARC is operational and in compliance with the Policy until such time, TAHE is established.

It is proposed that once TAHE is established, RailCorp and its ARC will be dissolved.

These processes, including the practicable alternative measures implemented, demonstrate that RailCorp has established and maintained frameworks, including systems, processes and procedures for appropriately managing audit and risk within the agency.

Howard Collins OBE Acting Chief Executive RailCorp

26 September 2019

Appendices • 19 20 RailCorp Annual Report 18–19 equivalent to therequirement (s): I note that thefollowing alternative arrangements have beenimplemented to achieve outcomes Audit andRiskManagementPolicy (TPP15-03) (Policy) have notbeenmet: I, Minister for Transport &Infrastructure, understand that thefollowing core requirements ofInternal Public Sector. with thecore requirements setoutintheInternal Audit andRiskManagementPolicy for theNSW management processes inoperation that are, excluding theexceptions describedbelow, compliant I, Minister for Transport &Infrastructure, amoftheopinionthat RailCorp hasinternal auditandrisk Management Policy for theNSW PublicSector Rail Corporation NSW (RailCorp) compliance withtheInternal Audit andRisk Risk Committee. exceed five (5) years asachairofthe Audit & any extension must notcausethetotal term to appointment for theChaircanbeextended but maximum periodoffive (5) years. The term of a periodofat least three (3)years, witha must beappointed for one(1)term onlyfor 3.1.13 any term aschairoftheCommittee. must notexceed eight(8)years (inclusive of continuous membershipontheCommittee for furtherterm(s) butthetotal periodof 3.1.11 (5) years. three (3)years andmust notexceed five Audit andRiskCommittee must beat least 3.1.10 has beenestablished. and RiskCommittee withappropriate expertise Core Requirement 3.1 Core requirements Memberscanbereappointed orextended The ChairoftheAudit &RiskCommittee The initialterm ofmembershipthe –AnindependentAudit has now beenextended to 1July2019, RailCorp dissolved. Given theimplementation ofTAHE and itsAudit &RiskCommittee (ARC)willbe once itisestablished andat thistime, RailCorp RailCorp’s assets willbetransitioned to TAHE timeframe (30June2018). Itisenvisaged that (TAHE) beenestablished intheinitialexpected Members hadTransport Asset HoldingEntity maximum appointmentterms for theChair/ RailCorp would have complied withthe8year year to 30June2020. tenure of5years underthePolicy, by upto one current Chairwhowillexceed themaximum The extension willalsoimpactthetenure ofthe to comply withthePolicy. and itsARCwillberequired to operate inorder Reason for non-compliance withthecore requirement Summary of alternative How the alternative arrangements will achieve equivalent arrangements outcomes

Extension of the current The proposed members are valid members of the prequalification membership of the Scheme: Audit and Risk Committees Independent Chairs and RailCorp ARC from 1 July Members operated by the Department of Finance, Services and 2018 to 30 June 2020 Innovation and each of these extensions will undergo the standard to ensure continuity re-appointment process whereby each member is engaged under of corporate history the conditions in the Scheme Conditions dated January 2013 which will not only issued by the NSW Treasury and the NSW Department of Finance benefit RailCorp and and Services. its obligations under the Policy but will also In addition, the members are provided a copy of Code of Conduct: support the transition Audit and Risk Committee Chairs and Members and confirm to TAHE given the Chair their compliance with other legislation, regulations or guidelines and Members have applicable to internal audit and risk management in the NSW public been briefed since the sector, as they apply to Audit and Risk Committees and in particular, conception of the TAHE responsibilities outlined in the Policy and in the RailCorp Audit and project to current date. Risk Committee Charter.

It is proposed that once TAHE is established, RailCorp and its ARC will be dissolved.

I, Minister for Transport & Infrastructure, am of the opinion that the practicable alternative measures implemented demonstrate that the RailCorp has established and maintained frameworks, including systems, processes and procedures for appropriately managing audit and risk within the RailCorp.

This exception to the core requirements of the Internal Audit and Risk Management Policy for the NSW Public Sector (TPP15-03) is valid for the financial year(s) (2018–2020).

Hon Andrew Constance MP Minister for Transport and Infrastructure

11 July 2018

Appendices • 21 22 RailCorp Annual Report 18–19 In theyear ended30June2019, RailCorp didnotsellany landwithavalue greater than $5million. Appendix 9:Landdisposals of RailCorp. The construction works listed are undertaken by Sydney Metro andTransport for NSW onbehalf RailCorp hadarange ofworks inprogress at 30June2019 includingthefollowing: Appendix 8:Majorworks inprogress with established andfinancially stable insurers. RailCorp transfers insurable risksthrough insurance obtainedviathecommercial insurance market • • • appointed insurance brokers to protect against insurable risks.These riskscould affect: its riskmanagementstrategy. The insurance program isreviewed annuallyinconsultation withits RailCorp hasacomprehensive tailored insurance program managedby Sydney Trains aspartof Appendix 7:Insurance management Automatic Train Protection New Intercity Fleet Central Walk existing assets andthoseunderconstruction. its legalliabilitiesto third parties its operations Cost to date ($ million) 588 792 211

Forecast completion (year) 2020 2024 2022 Appendix 10: Payment of accounts Outstanding invoices by age at the end of each quarter

Quarter Current Less than Between Between More than (i.e. within 30 days 30 and 60 and 90 days due date) overdue 60 days 90 days overdue overdue overdue $M $M $M $M $M

Suppliers

Sep-18 149.7 0.0 0.0 0.0 0.0

Dec-18 159.5 6.2 3.4 3.1 3.4

Mar-19 239.7 0.0 0.0 0.0 3.4

Jun-19 116.6 0.0 0.0 0.0 0.0

SBS

Sep-18 0.0 0.0 0.0 0.0 0.0

Dec-18 0.0 0.0 0.0 0.0 0.0

Mar-19 0.0 0.0 0.0 0.0 0.0

Jun-19 0.0 0.0 0.0 0.0 0.0

Accounts paid on time within each quarter

Measure Sep 18 Dec 18 Mar 19 Jun 19

Suppliers

Number of accounts due for payment 276 291 241 274

Number of accounts paid on time 276 287 241 274

Actual % accounts paid on time 100% 98.6% 100% 100%

$ amount of accounts due for payment $450.1M $484.9M $585.5M $887.5M

$ amount of accounts paid on time $450.1M $484.9M $585.5M $887.5M

Actual % accounts paid on time (based on $) 100% 100% 100% 100%

Small business suppliers

Number of accounts due for payment – – – 1

Number of accounts paid on time – – – 1

Actual % accounts paid on time – – – 100%

$ amount of accounts due for payment – – – $2,301.2

$ amount of accounts paid on time – – – $2,301.2

Actual % accounts paid on time (based on $) – – – 100%

No interest was charged by suppliers to RailCorp in the current financial year.

Appendices • 23 24 RailCorp Annual Report 18–19 $3,800 includingdesignlayout andproof-reading. The total external costs associated withproducing thePDFversion ofthereport were approximately Accessibility Guidelines(WCAG). External designservices were usedto ensure theannualreport would comply withtheWeb Content Appendix 14:External AnnualReport production costs RailCorp madenopayments to consultants during2018–19. Appendix 13:Payments to consultants neutral benchmark. long-term debtinaccordance withRailCorp policy whichresulted inahighercost offundsthanthe long-term debtinstruments. RailCorp’s debtportfolio hadagreater than90percent weighting of of 2.42percent. The benchmarkdebtportfolio comprised anequalweighting ofshortand In theyear ended30June2019, RailCorp’s cost offundswas 2.75 percent against thebenchmark Appendix 12:Liabilitymanagementperformance per cent. interest earnedwas 1.48percent onthefundsinvested, whichwas below thebenchmarkrate of2.34 In theyear ended30June2019, RailCorp heldcashintheWestpac Treasury BankingSystem. The Appendix 11:Investment managementperformance RailCorp 477 Pitt Street Sydney NSW 2000 transportnsw.info or call 131 500 (24 hours, 7 days a week)

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ISBN 978-1-64713-482-2